Posted on 05/09/2024 8:04:04 PM PDT by Cronos
Cathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future.
The clerical worker in Minnesota has struggled to rise up the ranks throughout her career. She said she's earning a salary similar to some entry-level positions despite nearly three decades in her current role. She's nervous that even though she's eligible for a pension in a few years, it won't supplement Social Security payments nearly enough to live comfortably.
"I can't afford life while working. How can I even think of retiring?" the St. Paul, Minnesota resident said.
...Cathy grew up in Minnesota and attended the University of Minnesota, after which she enrolled in law school. She worked full-time as a legal secretary at the Attorney General's office while in school part-time at night.
She said the job didn't work out, as her supervisor disapproved of her leaving an hour early each day to attend classes. Law school didn't pan out after two years, and she was laid off from her government position. She still had loads of student loan debt, and she took jobs in Minneapolis as a legal secretary at different law firms.
After a decade, she hadn't climbed the corporate ladder at any firm, so she returned to working for the state government to attempt to make more money and not lose benefits. She worked at the Department of Revenue in the mailroom, then got a job as an administrative assistant for the state's college system, which she kept for about 25 years.
Because she worked for the college system, she received free tuition for a degree, so she obtained a master's in public administration shortly before the pandemic.
...Many peak boomers also fall into the growing category of ALICE, which stands for asset-limited, income-constrained, and employed.
(Excerpt) Read more at businessinsider.com ...
$40,000 a year!?!?
WTH?
you can earn that as a STARTING salary at the local Chic-Fil-A !!!
>> Several years ago I met a prospective client who had $588k in student loan debt...That story was the largest excess in student loan indebtedness until I encountered someone with a $756k balance...
That’s astonishing. I had no idea they could run up that kind of debt.
Federal student loans and their track record of screwing up higher education and shafting the taxpayer is an infuriating travesty for which “someone” should be held accountable. But of course that won’t happen.
Smoking,drugs,or alcohol….very pricey .
….
You feel my pain then?
Lots of comments on this thread illustrating why the Repubs before Trump didn’t do very well with blue collar whites, and lower income white collar whites.
Cathy lives in Minnesota. She went to law school when she was younger and couldn't handle it? The Attorney General's office where she worked wouldn't let her take an hour off for night classes in law school? Why would they discourage an employee from pursuing law unless they thought she wasn't law school material?
Cathy then held an entry level administrative position for 25 years with no advancement before getting a master's degree in public administration in her late 50s, and is wondering why nobody will hire her now?
However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. She makes about $20 an hour and has good health insurance and vacation and sick leave, though she works part-time jobs as a tax consultant to supplement her income, which she said is common among many she knows.She waits until her late 50s to get a Masters degree and then wonders why her entire career of entry level administrative assistant work isn't opening up any doors for her... in Minneapolis?She's frustrated that even with decades of experience and years of networking, she feels trapped in a position that doesn't pay her enough to fully get by. She said she's seen entry-level positions offering a similar salary to what she makes now after 25 years.
"I was told, you can't get a professional position because you don't supervise. You can't get a professional position because you don't deal with budget," Cathy said. "How are you supposed to get that experience when all you do is give me clerical work?"
And Business Insider is using HER as the example of what's wrong with "peak Boomer" seniors who can't afford to retire?
-PJ
I retired at 60 about 15 years ago, never bought any of the “must have” toys, drove my 72 Chevy pickup for about 35 years then bought a used public auction GMC pickup that I still drive.
Own 2 homes (one in So. Cal, one in Nor. Cal) also 2 additional pieces of property, one in Washington state and one in Colorado..
Amazing what you can do with just a normal salary if you don’t party, don’t have to have every “new thing”, don’t eat out every night and don’t try to walk around playing “mister big shot”.
I bought the Washington property for 11k, was just offered 350k for it, bought the Colorado property for 9k and was just offered 275k for it.
Told both companies when they get to 500k we MIGHT talk.
Currently have NO DEBT!
My wife tells me that we now have money coming out our ears after a lifetime of being careful with money, frugal practices, and conservative investment.
When I die nothing goes to my kids (they both got a full ride to college from me), they have to earn their own.
My trust says everything goes to MY WIFE and then to any of my dogs that survive me.
Reagan’s social conservatism and hawkish foreign policy did fine with white blue collar workers.
” In 1984, Reagan confirmed his support by winning nearly 60% of the popular vote and carried 49 of the 50 states.
The Reagan Democrats were members of the Democratic Party before and after the Reagan presidency, but voted for Reagan in 1980 and 1984 and for his vice president, George H. W. Bush, in 1988, producing their landslide victories. They were mostly white socially conservative blue-collar workers who lived in the Northeast and were attracted to Reagan’s social conservatism on issues such as abortion and to his hawkish foreign policy.
Was lucky to retire at 70 after putting our kids through college and paid off the house. Spent my entire professional life abroad and traveled like a merchant mariner. Wife and kids not always happy with our living locations throughout the world but that is what you get with a masters in Engineering. Best feature of my life was the long vacations while working abroad. Get used to being underemployed if you live in America. It could be worse — you could be standing in the Rio Grande river poking at the razor wire. The good news is that global unemployment is not endless. History shows that it is interrupted by world wars to alleviate the despair and pain of sitting at home with nothing to do. Not to worry — Brandon says that we will have the best economy in the world and who am I to question his promise.
My Nor Cal home is a small (20 acres) farm, first room I completed was turning bedroom #2 into a library.
YES, I am very happy.
Not what we have But what we enjoy, constitutes our abundance.
>>For 25 years she didn’t advance. There’s probably a reason for that.<<
Very likely, she could be a victim of office politics.
Pertaining to post 51, the real problem for this woman might be that she doesn’t have that rich inner life that makes for real happiness and satisfaction, the simple joy of being.
Right…has nothing to do with tax and other government policies that steal from those least able to afford it. I watched as my Mom was denied her husband’s military pension after he passed, because congresscritters changed laws regarding additional contributions AFTER my stepDad retired. I watched as they decided to tax her Social Security benefits because she continued to work, because she needed the income. Your comment is completely clueless and disgusting!
My Step Dad served well over 25 years and died way too young. His heart gave out after all the tours of duty from Korea to Vietnam and Cambodia … only to also have the stress that his wife would not be cared for by a pension he had expected would be paid.
“Cathy” is a made-up fiction. The leftists at Business Insider have considerable experience at making crap up to drive their narrative/agenda.
"Sir, you didn't pay for that … "
You choose to leave your inheritance to your dogs rather than your kids? Something’s wrong there…
I was going to say the same thing. Poor decisions or didn’t plan well.
Hadn’t heard of the ALICE acronymn up to your post.
Funny that an “Alice” term in the Urban Dictionary says:
Someone who faces a lot of stress with strength. She is beautiful just the way she is and plays well all the (#5@!) you cards from life.
Apparently the opposite of a Karen. Or an Angry Black Woman Syndrome woman.(ABWS).
I’m a retired Boomer without a college degree, worked 45 years and I have plenty of money. Maybe she’s just crappy at managing her finances.
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